betekenis van het woord MUNICIPAL

Ponzifraude-expert gaat faillisement Detroit begeleiden en overzien

It's good to see that as more of the US spirals into chaos, someone still has a sarcastic sense of humor.

It's good to see that as more of the US spirals into chaos, someone still has a sarcastic sense of humor.

For those who missed it, in the Kevyn Odd statement listing the primary reason for the bankruptcy of Detroit, this was the punchline: "Absent restructuring, the City is projecting cash flows of negative $198.5 million in the current 2014 fiscal year and negative $260.4 million in fiscal year 2015. This cash depletion would leave the City in a net cash position (after required property tax distributions) of negative $11.6 million as early as December 2013.  The City also has experienced negative cash flow for years, and that trend is expected to continue and accelerate if not addressed.... For years, the City has spent more than it takes in and has borrowed and deferred paying certain obligations to make ends meet. The City is insolvent." In other words, a pure pyramid scheme whose final can kicking day has finally come. Which perhaps explains why the just appointed Judge to preside over the largest MUNICIPAL bankruptcy in US history is none other than Judge Steven Rhodes, 64, who just happens to be the co-author of "The Ponzi Book: A Legal Resource for Unraveling Ponzi Schemes."

Detroit: Bankroet

Detroit defaulted on some debt on Friday and proposed most creditors receive just pennies on the dollar owed by the "insolvent" city in order to avoid the largest MUNICIPAL bankruptcy filing in U.S. history.

In a forceful opening salvo of negotiations with holders of as much as $18.5 billion of debt, Detroit Emergency Manager Kevyn Orr announced a moratorium on some principal and interest payments, including one due on Friday.

Californiërs: bereid(t) u voor op 50% stijging v/d pensioenkosten

It is no surprise that pension funds in the US are significantly underfunded (median 72% funded). California Public Employees’ Retirement System (CALPERS), specifically, is about 26% short of meeting its long-term commitments. Like most major pension funds, it uses smoke-and-mirrors to avoid this yawning gap by smoothing over a long enough timeframe where 'hope' for growth in assets triumphs over the reality of liabilities (through a 'rolling' 15- or 30-year window - that therefore never comes due). However, under a new plan proposed by CALPERS' chief actuary, they will shorten the horizon from 15 to 5 years and aim for a specific date 30 years from now to be 100% funded (instead of a rolling hope-driven horizon). The impact of this, as Bloomberg reports, may mean California taxpayers MUNICIPAL pension contributions will rise as much as 50%. "This is clearly the right thing to do," notes the fund's CEO, "as it will reduce the risk of the system," though we suspect the 'system' may just get a little upset at having to face this 50% 'tax-hike'.

Video: Boze Grieken belagen Trojka-leden

The Troika technical team was chased from their Greek offices on Tuesday by an angry mob of Muni workers (who proclaimed that "they got our labor rights and conditions back to the Middle Ages"). As KeepTalkingGreece notes, this is the third incident in 24 hours as since the team arrived they have had water bottle thrown at them as well as cars kicked and 'hurled coffees'. The clip below shows the Troika member looking rather anxious as he runs from the crowd (and NewsIt reported a female Troika member seeking refuge in a bookstore). It is not just the MUNICIPAL workers who are in fear though, as GreekReporter notes the unbelievable story of the re-appearance of a 'mysterious' CD containing the names of 2000 ultra-rich Greek Swiss-bank account-holders is now back in the hands of the Greek government as they press for bilateral taxation on those huge deposits. It seems rich and poor alike are not happy with the Troika's exposure of tax cheats across the desparate nation.

Economische instorting is onvermijdelijk. Hier waarom...

America is quickly approaching a catastrophic economic collapse. Before you dismiss this as hype or paranoia, take a few minutes to review the facts outlined on this page. The numbers don’t lie. At this point, the dollar crash is unavoidable… far from an exaggeration this is a mathematical certainty. As repelling as that sounds, it’s in your own best interest to learn just how bad the situation is.

According to the talking heads of mainstream press the economy is slowly recovering and the financial crisis is all but behind us. But we need a reality check. It’s time to stop being naive and start being more discerning. Instead of more false hope, we need the truth as bitter as it might sound… and the truth is, from our local MUNICIPALities, to our states to our federal government, we are broke… the truth is we can’t payback our debt without getting into even more debt… the truth is the housing crash of 2008 was just a small preview of what’s to come.